Accountability Customer FocusMutual Trust and
Collaboration InnovationLearning and
Growth
強茂集團PANJIT International Inc.
Investor Relations
Agenda
- Introduce PANJIT
- Worldwide discrete market
- Consumer Electronic
- Automotive Market
- Research & development
- Q & A
2
PANJIT GROUP
3
強茂股份有限公司PANJIT
Found May. 1986Business Item
Discrete Device、Package / test
熒茂光學股份有限公司MILDEX
Found May. 2005Business Item
Touch Panel ( Industry/ Military)
無錫至極動能科技有限公司Sumnergy
Found Jun. 2017Business Item:
BMS, Battery Pack
璟茂科技股份有限公司PYNMAX
Found Mar. 2000Business Item
Wafer Fabrication
About PANJIT
• Listed: TWSE:2481 (IPO:2000)
• Headquarter : Kaohsiung, Taiwan
• Market Position– Global Diodes #7– Discrete company in Great China #1
• The Revenue– 2017 group revenue USD 391 Million, Operating profit USD 31 Million– Automotive segment USD 27 Million in 2017, Focusing in China Market.– Key account cover all major EMS, Automotive, Industry, LED and touch
panel Client. Cover Taiwan, China, Korea, Japan, US and EMEA.
5
Global Diode Ranking
6
No. 2016 2017
1 Vishay 10% Vishay 11%2 Rohm 9% Rohm 10%3 ON Semiconductor 7% ON Semiconductor 8%4 Microsemi 7% Infineon Technologies 7%5 Infineon Technologies 7% Microsemi 7%6 NXP 6% Diodes 6%7 STMicroelectronics 6% PANJIT 5%
8 Diodes 6% STMicroelectronics 5%9 PANJIT 5% Nexperia 4%10 Semtech 4% Good-ark 4%
Others 33% Others 33%
Source: Gartner, 2018/4
• Global Diode Sales Ranking: #7 * Diodes above 0.5 amps.Excluding RF diode
Global Discrete Ranking
7Source: Gartner, 2018/4
No. 2016 20171 Infineon Technologies 13% Infineon Technologies 14%2 ON Semiconductor 8% ON Semiconductor 10%3 NXP 8% Mitshubishi 6%4 Mitsubishi 6% Nexperia 6%5 STMicroelectronics 6% Rohm 6%6 Vishay 5% Toshiba 5%7 Toshiba 5% Vishay 5%8 Rohm 5% STMicroelectronics 5%9 Renesas Electronics 4% Renesas Electronics 4%10 Fuji Electric 3% Fuji Electric 3%11 Diodes 3% Diodes 3%12 Fairchild Semiconductor 2% Microsemi 2%13 Microsemi 2% AOS 2%14 Toyota 2% PANJIT 2%15 PANJIT 2% Shindengen Electric 2%16 Shindengen Electric 2% Toyota 2%17 Denso 1% Denso 1%18 IXYS 1% IXYS 1%
Others 22% Others 21%• Global Discrete (includes of Diode, MOSFET, GBT, and etc.) Sales Ranking: #14
Excluding RF diode
IGBT – Global Competitor
8
IGBT Manufacturers Ranking by Voltage Range
Source:IGBTMarketandTechnologyTrends2017report,Yole Developpment,August2017
No.1 No.2 No.3 No.4 No.5
400V and Less
600-650V
1200V
1700V
2500V-3300V
4500V and More
• The IGBT device industry is about to change. With a growing electric vehicle market, the power module is becoming an essentials of the value chain. After 2013, the Chinese market accounts for about one third of the global IGBT market, and the Chinese market is the key target for Panjit’s future development.
Financial HighlightConsolidated Balance Sheet
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Unit: K’ USD 2018 Q1 % 2017 Q1 %
Cash 55,902 8% 41,521 7%
Receivable 147,767 20% 113,134 18%
Stock 84,639 12% 59,916 10%
Total Asset 727,709 100% 627,632 100%
Short-term loans 76,012 10% 39,474 6%
Payable 75,050 10% 53,038 9%
Long-term loans 191,816 26% 194,559 31%
Total liabilities 459,054 63% 366,940 58%
Total equity 268,655 37% 260,692 42%Net value of each share(NTD) 17.47 18.05
Financial Highlight Consolidated Statements of Comprehensive Income
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Unit: K’ USD 2018 Q1 % 2017 Q1 % Diff
Diode Div. 82,162 87% 65,541 70% 16,621 Touch Panel Div. 10,501 11% 22,113 24% -11,612 Solar Div. 1,800 2% 5,146 6% -3,346 other 17 0.% 187 0% -170Net Revenue 94,480 100% 92,987 100% 1,493 Gross profit 21,852 23% 20,368 22% 1,484 Operating expenses 13,583 13% 13,816 15% -233Operating profit (loss) 8,269 10% 6,552 7% 1,717 Net profit (loss) before tax 8,641 9% 7,846 8% 795 Tax 1,521 2% 1,236 1% 285 Net profit (loss) after tax 7,120 8% 6,610 7% 510 EPS (NTD) 0.6 0.34 0.26
2018 Q1 Discrete BU Revenue
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Schottky35%
Recifier23%
MOSFET12%
TVS7%
Switching8%
Zener9%
ESD4%
BJT2%
Function
GC68%
TW14%
EMEA8%
SEA4%
KR3%
US2%
Japan1%
Region
2018 Q1 Discrete BU Financial Highlights
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66
82
60
65
70
75
80
85
Revenue
2017Q1 2018Q1
16
20
15161718192021
GrossProfit
2017Q1 2018Q1
8
10
77.58
8.59
9.510
10.511
OperatingProfit
2017Q1 2018Q1
6
9
5
6
7
8
9
10
NetProfitAfterTax
2017Q1 2018Q1
Unit: M’ USD
Consumer Electronic – TV
14Source: Gartner., 2017/8
AMOLED Capacity Share by Maker, Worldwide, 2016-2021
• Chinese AMOLED makers and foreigners relocating to China will be able to provide 35% worldwide AMOLED capacity by 2021
15Source: J.D. Power., 2017/7 ; 東方證卷 Midea., 2017
• The market for major household appliances is expected to reach $28.1 billion by 2021. (Home Improvement Research Institute)
Global Consumer Appliances Player by Revenue
Consumer Electronic – HA
• The world's electric vehicle sales in 2017 will reach 1,150,000 units (48% growth compared to 2016), about 1.22% of the total car sales.
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Global EV Sales Volumes
Unit : K
Global Car Sales Volumes
18
7781
8487
90
100104
107111
0
20
40
60
80
100
120
2012 2013 2014 2015 2016 2017 2018 2019 2020
Unit:Million
Automotive system
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• APA• LDWS/FCW• BSD
Body & Comfort• Air conditioning• Windshield wiper• Seats• Seat belt• Car windows• Sunroof• Review mirror• USB Charger
xEV• EV/HEV pilot system• Battery Management System (BMS)
Motor• Cooling Fan• Oil Pump• Water Pump
Sensor • Ultrasonic sensor• Front/Rear Camera • Millimeter Wave Radar• Lidar
Powertrain• Start-stop system• Engine Control Unit• Electric Power steering wheel (EPS)
Infotainment/Instrument• Analog / Digital audio player• Navigation device• E-Mirror• Event data recorder(EDR)• Dashboard
Lighting• HID• AFS• DRL• Interior Lamp• Rear Lamp
ADAS
23Source: IHS / Visteon., 2017/3
• Display Audio with CarPlay and Android Auto is fastest-growing segment• HTML5 and Android expected to be key technologies for Embedded Infotainment• Audio systems remain relevant in emerging market
Automotive Audio / Infotainment
25Source: 東北證卷., 2017/8
• Tire pressure monitoring system (TPMS)• Cars are all equipped with 4 TPMS
Automotive TMPS
IGBT - Application
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IGBT 應用範圍
家電應用 工業應用 照明應用 消費應用 汽車領域
電磁爐
變頻家電(空調、冰箱、洗衣機)
電鍋
微坡爐
真空吸塵器
UPS
馬達控制
風力/光伏發電
焊接氣
工業感應加熱
工業變頻器
電子鎮流器
調光器(Dimmer)
數碼相機 汽車點火氣
伺服驅動器
高速機車
地鐵機頭
IGBT模塊分立IGBT